Hsbc Holdings PLC Sells 24,120 Shares of Garmin Ltd. $GRMN

Hsbc Holdings PLC lowered its holdings in Garmin Ltd. (NYSE:GRMN) by 25.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,272 shares of the scientific and technical instruments company’s stock after selling 24,120 shares during the period. Hsbc Holdings PLC’s holdings in Garmin were worth $14,521,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp boosted its stake in shares of Garmin by 1.8% during the 3rd quarter. State Street Corp now owns 7,250,844 shares of the scientific and technical instruments company’s stock worth $1,785,304,000 after buying an additional 126,677 shares during the last quarter. Norges Bank acquired a new stake in shares of Garmin in the fourth quarter valued at about $395,234,000. Northern Trust Corp increased its position in shares of Garmin by 3.8% in the fourth quarter. Northern Trust Corp now owns 1,719,677 shares of the scientific and technical instruments company’s stock valued at $348,836,000 after acquiring an additional 63,283 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Garmin by 6.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,591,369 shares of the scientific and technical instruments company’s stock worth $322,837,000 after acquiring an additional 96,850 shares in the last quarter. Finally, Disciplined Growth Investors Inc. MN raised its holdings in Garmin by 0.4% during the second quarter. Disciplined Growth Investors Inc. MN now owns 1,419,365 shares of the scientific and technical instruments company’s stock worth $296,250,000 after acquiring an additional 5,213 shares in the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Garmin

In related news, CFO Douglas G. Boessen sold 2,000 shares of the business’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $237.91, for a total value of $475,820.00. Following the completion of the sale, the chief financial officer directly owned 26,049 shares in the company, valued at $6,197,317.59. The trade was a 7.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Joseph J. Hartnett sold 643 shares of the company’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $263.57, for a total value of $169,475.51. Following the completion of the transaction, the director directly owned 21,277 shares in the company, valued at approximately $5,607,978.89. This represents a 2.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 15.38% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on GRMN. Morgan Stanley set a $249.00 price target on Garmin in a research note on Thursday, April 30th. Zacks Research cut Garmin from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. Tigress Financial increased their price objective on Garmin from $320.00 to $325.00 and gave the company a “strong-buy” rating in a report on Wednesday, May 20th. Wall Street Zen cut shares of Garmin from a “buy” rating to a “hold” rating in a research note on Saturday, June 20th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Garmin from $265.00 to $285.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Garmin currently has an average rating of “Moderate Buy” and an average price target of $269.40.

Garmin Price Performance

Shares of GRMN opened at $235.32 on Friday. The firm has a market capitalization of $45.38 billion, a PE ratio of 26.23, a PEG ratio of 2.84 and a beta of 0.91. The company’s 50-day moving average is $242.45 and its 200-day moving average is $229.49. Garmin Ltd. has a fifty-two week low of $186.67 and a fifty-two week high of $273.32.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.84 by $0.24. The company had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Garmin had a net margin of 23.26% and a return on equity of 20.07%. Garmin’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.61 EPS. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. Analysts predict that Garmin Ltd. will post 9.53 earnings per share for the current fiscal year.

Garmin Profile

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.